TAFE NSW worth $196 billion to NSW economy
Wednesday 16 August 2006
An independent report to be released today has found that TAFE NSW will contribute $196 billion to the NSW economy over the next 20 years - providing a 640% return on government investment.
TAFE NSW, the largest training provider in Australia, provides direct benefits for both employers and employees as well as for regional industry and communities.
These findings, part of an independent research report, The Complete Package: The Value of TAFE NSW, conducted by the Allen Consulting Group, were released today by Education and Training Minister, Carmel Tebbutt at the TAFE NSW Business Leaders Forum in Sydney.
“We have long known that TAFE NSW provides unmatched support for business and we now know the magnitude of this support,” Ms Tebbutt said today.
“Each dollar we invest will generate benefits worth $6.40.
“This year, $1.6 billion will be invested in TAFE NSW and this report shows that the investment will be returned to the community many times over.
“TAFE NSW plays a key role in tackling skills shortages by providing extra trade classes and training more apprentices.
“Last year, there was a 12.9 per cent increase in apprenticeship enrolments – training our mechanics, electricians, construction workers and miners. Almost 40,000 apprentices enrolled last year.
“The Iemma Government is working hard to provide a broad range of training opportunities. We have also increased training opportunities for school students with our $18 million plan to create 10 new trade schools.”
Ms Tebbutt said the new research describes TAFE NSW as “the complete package”; the only training provider able to meet the needs of students, employers, communities and regions.
Almost one in ten people in NSW enrol in TAFE NSW at some point in their lives. Last year, there were more than 513,000 enrolments.
“TAFE NSW is trusted as a training provider with a strong track record.
“People know that TAFE qualifications increase their employability, wages and chances of promotion.”
Key findings
- TAFE NSW will contribute $196 billion to the NSW economy over the next 20 years. Each dollar invested will generate benefits worth $6.40 or a 640% return over 20 years.
- Over the next 20 years, employees will earn additional wages worth $107.8 billion, as a result of TAFE NSW training.
- TAFE NSW’s contribution to state productivity equates to 3.6 per cent of Gross State Product.
- TAFE NSW is essential to the state’s regions. It shows that regions like Hunter, Illawarra and the Riverina reap significant benefits from TAFE NSW training.
A full copy of the report is available at http://www.det.nsw.edu.au/newsroom
Media contact: Gemma Slarke 0419 961 680
Megan Saunders 0421 612 578
